Nigel Farage faces inquiry over undisclosed £5m crypto gift

Research indicates that 60 per cent of Reform UK’s funding since the general election has originated from individuals within the cryptocurrency sector. The party’s financial base is heavily reliant on a small number of wealthy donors from this industry.

Christopher Harborne, a Thailand-based entrepreneur and early investor in Bitcoin, Ethereum, and Tether, is the party’s most significant donor, contributing £15m. Additionally, Harborne provided Nigel Farage, the leader of Reform UK, with a personal gift of £5m shortly before Farage became a Member of Parliament. This personal gift is currently the subject of a parliamentary inquiry due to Farage’s alleged failure to disclose it as required by the Code of Conduct for MPs.

Farage has positioned himself as an advocate for the cryptocurrency industry, proposing policies such as tax cuts on crypto profits and the creation of a Treasury bitcoin reserve fund.